F-T May Sale Posts Solid Gains Despite Format Shakeup

In the days and weeks leading up to the Fasig-Tipton Midlantic May 2-Year-Olds in Training Sale, buyers and consignors were anxious about how the new untimed under-tack show would impact prices in the sales ring. 

The record-breaking success of 2025 set an exceptionally high bar for this year's event. 

At the end of two days of trade, Fasig-Tipton reported 384 horses had changed hands for gross receipts of $52,875,500, including private sales—up 19.3% from 2025's single-session sale that saw 327 horses sell for $44,317,500. The average also ticked up to $137,697 from $135,528, while the median saw a substantial leap from $60,000 last year to $70,000. 

Seventy-three horses failed to meet their reserve, resulting in an RNA rate of 16%. 

"Absolutely thrilled with the results. We really hit the superfecta as you've heard me refer to it before—the gross is way up, the average is up, the median is up, and the RNA rate is down—and that's coming off a dramatic increase from 2024 to 2025," said Boyd Browning, president and CEO of Fasig-Tipton. 

Boyd said the gross sales have increased 60% from 2024 to 2026.

"More importantly to us is honestly the strength of the market, the acceptance of a change in format," Browning added. 

Last year's edition of the sale saw the last day change to a gallop-only session during the under-tack show because of weather conditions. 

"Last year, we were forced into a situation in the last part of the sale. We made a conscious decision this year to do what we thought was the right thing for the horse and the right thing for our customers," Browning said

"This company's been founded and has been based upon trying to do the right thing every day, whether it's the horse or for the people we do business with. You can't quantify it, but you try to do what you believe is right."

Browning expressed deep gratitude for the incredible buyer and consignor support. 

"I genuinely hope, and I genuinely believe that we're going to see very positive results on the racetrack from this group of sales graduates this year, in terms of soundness, in terms of their starts, and so time will tell," Browning said.

Case Clay Thoroughbred Management topped the buyers for the sale, securing 12 head for $5,545,000. Randy Miles led the consignors, selling 23 from his draft for $5,032,000.

Gun Runner Filly Goes to Lanz for $1.375 Million

An athletic, rangy daughter of Gun Runner   was the first of two juveniles May 19 to sell for seven figures during Day 2 of the sale, going to bloodstock agent Pedro Lanz for $1.375 million.

Lanz bought the Gun Runner filly for KAS Stables, for whom he also bought a $2.1 million Flightline   colt on the sale's opening day. The filly (Hip 357) was bred by Chester and Mary Broman in New York and consigned by Sequel Bloodstock.

The Bromans bred the filly out of the unraced Uncle Mo daughter Modest Maven, who is the dam of graded-placed stakes winner Arctic Arrogance  (Frosted).

"Beautiful filly, May foal. She still has time to develop and get bigger and stronger," Lanz said. "Beautiful mare by Uncle Mo. I remember Arctic Arrogance fighting in that Kentucky Derby qualifier in New York (Withers Stakes), and finishing second, a tough race. She has everything you can ask for."

Lanz said the filly will stay in the United States to race under trainer Brad Cox. 

"We needed a filly," he said. "I was reviewing the results of the prior sales. This was the first chance at this sale; there was one (Gun Runner) yesterday, but she (Hip 357) was my favorite. So I told them, if you want the best filly, in my opinion, she is the one."

Chester Broman purchased Modest Maven for $1 million from the Pike Racing consignment at the 2016 edition of the Midlantic May sale. Celebrating the sale of Hip 357 brought things full circle, honoring the friendship between the late Al Pike and Sequel's Becky Thomas and Carlos Manresa.

"Linda Rice got that horse (Modest Maven), and that horse had incredible ability," Manresa said. "I think there were several people who saw this filly and saw a lot of the same talent and class that Modest Maven herself had, and I think it was a very good full-circle moment for all of us."

Thomas echoed the sentiments about Al Pike.

"Al Pike was one of my closest friends," she said. "We worked together for many, many years, and he was located at the barn right next to ours, so that's why it was so special.

"His son, Colt, has shortlisted for us for many years, and we're glad to have that part of him. Colt was very instrumental in Al's operation."

"We bought a horse from them (Bromans) out of Bar of Gold (Metallix for $600,000) two years ago, and they are amazing breeders; they always have the best," Lanz said. "When you see Sequel Bloodstock's consignment this year, you say this is a serious consignment."

Sequel has had a terrific sale, selling the highest-priced colt and filly of the sale. Thomas said the new format changes implemented by Fasig-Tipton have only helped her consignment's success.

"We have been thrilled (with the new format)," she said. "We had a horse that chipped a knee last year, and he was our big horse. He was literally a $1 million Uncle Mo, and we loved him. If we'd have had him on the gallop day, that would not have happened. So, we are big fans of the format, and at all times we were going to come here with what I call farm breezes, which is letting those horses roll."

Thomas said the new format did present some challenges, as her horses are used to training on a 1-mile track.

"We're breezing here around the dogs (cones), there's a lot of horses that hit the wrong lead, and because it's such a sharp turnaround to be able to go, you're not only on the wrong lead, then they're like, 'Well, do I switch now or do I not switch?' So you have to account for the fact that going around the dogs like that, especially horses that aren't used to that. 

"But, overall, we are thrilled with the new format."